I agree with Magoo in that I'm not a big fan of the "under-produced" raw european sound of black metal.
I understand that is the way it is intended to be. Being a musician however, my ear needs a bit more to listen to. Not that I wouldn't love to be thrashing alongside some of these bands. I like a heavy, clear, punishing sound to anything I listen to. This is what I break it down to:
The Europeans capture the true essence of the music and the atmosphere. They GET IT. They understand it's 4 minutes of fiction (in most cases) per track, 45 minutes of fiction per live event, they love the theatrics of looking like a death/black metal band.
The Americans don't have that depth to the genre, but the Americans produce the most punishing sound that you can lay down, but they became too self aware of the theatrics, ditched the stage dress for jeans and t-shirts etc..
I would prefer a mix of the 2, which is what some of the bigger bands (Cradle, Dimmu) are trying to do, but it's a fine line to walk. I can pick a few songs from all of the artists that I really get into. I think One by One is a devastating song, even with the underproduction.